According to an official, several people are still feared trapped in the debris
asia10 hours ago
Emaar Properties PJSC advanced the most in almost a week and Arabtec Holding Co jumped 2.4 per cent. The DFM General Index gained 0.3 per cent to 1,525.61 points, the most since June 21. Excluding Monday, the measure lost 2.5 per cent this month.
Abu Dhabi’s ADX General Index decreased 0.5 per cent to 2,704.47 points. Aldar Properties dropped 1.6 per cent and Sorouh Real Estate declined 2.4 per cent. Dana Gas fell 3.3 per cent.
“These are (some of) the stocks that failed to make it to the MSCI — these are the bluechips everyone was relying on,” said Haissam Arabi, chief executive and fund manager at Gulfmena Investments.
“We’re not expecting remarkable second-quarter results from them and there is no recovery in the real estate sector, so you see people selling.”
MSCI, whose stock indexes are tracked by investors with about $3 trillion in assets, last week delayed until December its decision on whether to raise the UAE and Qatar to emerging-market status. Introduction of delivery-versus-payment, a programme for completing stock transactions, may help lift the UAE from its frontier-market ranking. MSCI’s delay of the decision will allow more time for investors to assess the impact of the changes, the New York-based index provider said.
“After MSCI’s announcement, Dubai was hit hard and this is a technical rebound,” said Samer Darwiche, a financial analyst at Gulfmena Investments in Dubai.
“Second-quarter results might be a short-term catalyst, but then there’s Ramadan.
A decline of 6.4 per cent this year has left the 30 companies in Dubai’s benchmark index valued at about 8.3 times estimated earnings, data compiled by Bloomberg show. That compares with 10.8 times for the MSCI Emerging Markets Index. Companies in the UAE are expected to begin reporting second-quarter earnings next month.
About 83 million shares were traded in Dubai on Monday, compared with a 12-month daily average of 123 million shares. Emaar gained 0.3 per cent, the most since June 21, to Dh3.03. Arabtec advanced the most since June 15 to Dh1.27.
Qatar’s QE Index climbed 0.5 per cent. Oman’s MSM 30 Index dropped 0.9 per cent. Kuwait’s SE Price Index and Saudi Arabia’s gauge slipped 0.1 per cent. Bahrain’s BB All Share Index declined 0.6 per cent.
According to an official, several people are still feared trapped in the debris
asia10 hours ago
Amateurs Afzaal Ahmad, Parvez Ahmed, and Arbaaz Ahmad shine with an Impressive 89-point performance at the Emirates Golf Club
sports11 hours ago
The Meteorological Organisation that it is closely monitoring what is being circulated on social media
mena11 hours ago
There have been a series of school fires in the country in recent years, many of them which have turned out to be arson
africa11 hours ago
Salama Alfalacy is into realistic art featuring landscapes and wildlife, while Meera Jamal Al Midfa is setting new grounds in performance art and filmmaking
arts12 hours ago
Dubai Police have asked drivers to be extra cautious
transport12 hours ago
The storm had already claimed the lives of at least two people in China's Hainan and 16 people in the Philippines
asia13 hours ago
Dubai Police have asked drivers to be extra cautious
transport13 hours ago